AUD USD APRIL 17

2018-04-17 10:55 (GMT+2) AUD/USD

Current trend

AUD is growing against USD.

As there is lack of key macroeconomic releases in Australia, the investors are focused on the USA news.
US President Trump’s international policy towards China and the Middle East weakens the investors’ interest
in the American dollar. Australian currency is additionally supported by data from China, which is one of
the largest trade partners of the country. Chinese Q1 GDP grew by 6.8% YoY while the growth by 6.7% was expected.
 Retail Sales grew by 10.1% in February from 9.7% in the previous month. However, the growth of Industrial Production
 slowed to 6.0% in February from 7.2% in the previous month.

Tuesday’s RBA Minutes release did not affect the instrument significantly. The regulator mentioned the low inflation rate
 and earnings’ growth, and traditionally mentioned the danger of the Australian currency growth.

Support and resistance

Technical indicators reflect that the market is relatively calm, the trend is sideways.
Bollinger Bands are directed horizontally. MACD volumes are in the positive zone and are moving along the zero line.
 Stochastic’s lines are pointed upwards.

Resistance levels: 0.7782, 0.7812, 0.7843.

Support levels: 0.7751, 0.7720, 0.7690.


Trading tips

Long positions can be opened above the level of 0.7782 with the targets at around 0.7812–0.7843 and stop loss 0.7762.

Short positions can be opened below the level of 0.7751 with the targets at around 0.7720–0.7690 and stop loss 0.7771.

Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.7785
Take Profit 0.7812, 0.7843
Stop Loss 0.7762
Key Levels 0.7690, 0.7720, 0.7751, 0.7782, 0.7812, 0.7843
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7745
Take Profit 0.7720, 0.7690
Stop Loss 0.7771
Key Levels 0.7690, 0.7720, 0.7751, 0.7782, 0.7812, 0.7843